the period 1970-2014, and (ii) the so-called narrative approach developed by Romer and Romer (2010) to properly identify …-based arguments, the effect of tax changes on output is highly non-linear. The tax multiplier is essentially zero under relatively low …

fiscal shocks as opposed to the identification via SVAR. On the (much less explored) measurement front, our results strongly …We contribute to the literature on tax multipliers by analyzing the pitfalls in identification and measurement of tax …On the identification front, our findings favor the use of narratives à la Romer and Romer (2010) to identify exogenous …

We contribute to the literature on tax multipliers by analyzing the pitfalls in identification and measurement of tax … shocks. Our main focus is on disentangling the discussion regarding the identification of exogenous tax policy shocks (i … to the measurement of tax policy (i.e., finding a tax policy variable under the direct control of the policymaker). For …

This paper studies the real effects of an exogenous UK tax change in recessions and expansions. The tax shock is … regressions (Granger and Teräsvirta, 1994), tax policy shock is found to affect UK macroeconomic variables depending on the phase … of the business cycle the economy is when tax shock occurs. An exogenous tax cut in recessions triggers a large …

This paper estimates the effect of worldwide tax changes on output following the narrative approach developed for the … effect of tax changes on output is highly non-linear. The tax multiplier is essentially zero under relatively low …

-term multiplier of one, which reduces over the medium term. Thus, the temporary VAT reduction is an effective instrument in the short … able to mimic the macroeconomic effects of a central bank reaction according to a Taylor rule in case of a lockdown shock …

find sizeable effects of VAT measures on consumption (esp. durables) with a multiplier larger than one on GDP and can match …

Using the bottom-up approach of Romer and Romer (2010), we construct a rich narrative dataset of net-revenue fiscal … shocks for Germany by reconstructing and extending the tax shock series of Hayo and Uhl (2014) and coding a shock series for … multiplier effects of shocks to net-revenues, taxes, social security contributions and benefits in a proxy SVAR framework …